Chinese Estates to book $37 mln loss from sale of Kaisa bonds

Chinese Estates Holdings

26/10/2021 02:08

HONG KONG, Oct 26 (Reuters) - Chinese Estates Holdings Ltd
 0127.HK  said it would book a loss of HK$288.37 million ($37.10
million) in the current fiscal year from its latest sale of
bonds issued by Chinese property developer Kaisa Group Holdings
Ltd  1638.HK .
    The Hong Kong-based property developer and investor sold an
aggregate amount of $55 million notes issued by Kaisa for $19.32
million including accrued interest on Oct. 22 and 25 over the
counter, it said in a filing to the Hong Kong bourse late on
Monday.
    The notes included 9.375% Senior Notes due 2024 with a $23
million principal, 10.875% Senior Perpetual Capital Securities
with a $4 million principal and 11.7% Senior Notes due 2025 with
a $28 million principal.
    Chinese Estates said it will use the proceeds for general
working capital and reinvestment.
    The company said last week it would book a loss of HK$225.89
million ($29 million) in its current fiscal year from sale of
bonds issued by Kaisa.  urn:newsml:reuters.com:*:nL4N2RH0HU  
    Chinese Estates, a former major shareholder of indebted
developer China Evergrande Group  3333.HK , previously said it
has significant investment in Kaisa, whose shares have fallen
over the past few months due to wider liquidity concerns about
China's real estate sector.  urn:newsml:reuters.com:*:nL1N2R302D

($1 = 7.7727 Hong Kong dollars)

 (Reporting by Donny Kwok; editing by Jane Wardell)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470;))